![]() ![]() Understand the businessĪnd understand the fundamentals including market cycles. ![]() Get a mainstream business that produces cash flow be a rifle not a shotgun the tax man helps share in losses instead of capital beware of new girls, prettier theories and diversions. Take a lesson from Warren Buffett and Bill Gates. When they pass around the bickies ($) take some, as they probably won’t be passing them when you want or need them. Think through the worst-case scenario action plan Accept that without risk, and the possibility of failure, maybe success will be limited.ĭon’t wait until the dogs are barking at the door to do things Banks don’t give out umbrellas when it’s raining. Understand what threats can take you out of the game, and what decisions, if wrong, could be terminal. The number one priority is survival The first job of a CEO is to make sure that the company stays in business and survives. Don’t put yourself in peril chasing something. There is no shortage of good deals or ideas Don’t fall in love with a business. Don’t underestimate the power of compound interest. In cricket terms, you don’t have to swing for a six on all occasions. But there are caveats to riskĭon’t bet the farm Things go wrong with the best-laid plans.
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